Article: Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, July 26, 1996. (addressing General Accounting Office audit of Federal Reserve operations)(Statements to the Congress)(Transcript)

I appreciate this opportunity to appear before the Banking Committee today to address certain recent reports on the Federal Reserve's operations. Of most relevance, the General Accounting Office (GAO) has raised some significant issues with respect to the management of the Federal Reserve System. Both the GAO and the Congress deserve our full response.

We are strongly committed to ensuring that the Federal Reserve System is managed efficiently and effectively. It is most important to us at the Federal Reserve Board and the Reserve Banks not only to run a "tight ship" but to foster the attitudes and processes that will ensure continuous improvement in the ...

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